One Response to Yuan gains 34% against dollar in 8 years

China has been fixing their Yuan value to maintain foreign trade levels for years. I was there 8 years ago and traded aussie dollars for 6.2 yuan. The Aussie dollar at the time was around .75 usd. How have they increased in that time frame. What is the reference point used here, because quite frankly the figures are questionable

57 founding members, many of them prominent US allies, will sign into creation the China-led Asian Infrastructure Investment Bank on Monday, the first major global financial instrument independent from the Bretton Woods system.

Representatives of the countries will meet in Beijing on Monday to sign an agreement of the bank, the Chinese Foreign Ministry said on Thursday. All the five BRICS countries are also joining the new infrastructure investment bank.

The agreement on the $100 billion AIIB will then have to be ratified by the parliaments of the founding members, Chinese Foreign Ministry spokesman Lu Kang said at a daily press briefing in Beijing.

The AIIB is also the first major multilateral development bank in a generation that provides an avenue for China to strengthen its presence in the world’s fastest-growing region.